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Posted at 13/5/2024 09:36 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks make steady start as investors eye US CPI (Alliance News) - Stock prices in London opened modestly higher on Monday, pausing for breath after the recent record breaking run as investors look ahead to key inflation figures in the US. The FTSE 100 index opened up 9.34 points, 0.1%, at 8,441.86. The FTSE 250 was up 14.63 points, 0.1%, at 20,660.01, and the AIM All-Share was up 4.37 points, 0.1%, at 4,590.66. The Cboe UK 100 was flat at 843.82, the Cboe UK 250 was up marginally at 17941.39, and the Cboe Small Companies was up 0.2% at 16146.68. In European equities on Monday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was up 0.1%. Susannah Streeter, head of money and markets, Hargreaves Lansdown said: "The FTSE 100 has taken a bit of a breather from its record rally, opening flat in early trade. London stocks may be largely in a holding pattern at the start of the week, but the pause follows a rocketing month, with the blue-chip index having roared ahead. Some caution is creeping back in, amid concerns that high interest rates may have to linger for longer in the US, with the key CPI inflation reading expected this week." The main focal point for investors this week will be Wednesday's US inflation figures, which will likely inform market expectations of potential US interest rate cuts. According to FXStreet-cited consensus, consumer prices are expected to have risen 3.4% annually in April, cooling slightly from 3.5% in March. "If that's the case, investors could breathe a sigh of relief and enjoy the dovish news from other central banks. We would then see the euro and sterling extend gains against the dollar, the yields ease and stock markets surf on a fresh wave of optimism. But if the numbers surprise to the upside for the fourth straight month, it will be hard to keep the Fed hawks contained," commented Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Markets will also hear from from Federal Reserve Chair Jerome Powell on Tuesday and Vice Chair Philip Jefferson on Monday. The pound was quoted at USD1.2525 early on Monday in London, compared to USD1.2513 at the equities close on Friday. The euro stood at USD1.0771, against USD1.0769. Against the yen, the dollar was trading at JPY155.87, down compared to JPY155.87. In the FTSE 100, Diploma soared 7.1% after upgrading its annual guidance as it reported a strong set of half-year results. The specialised technical products and services provider said revenue grew 9.5% annually to GBP638.3 million in the six months to March 31, from GBP582.8 million a year before. Pretax profit edged lower to GBP77.8 million from GBP78.7 million. For its full financial year, Diploma now expects constant currency revenue growth of 16% or so, with 6% organic growth and 10% to come from acquisitions. It also expects its operating margin to improve to 20.5%, having previously guided for it to be in line with financial 2023 at 19.7%. "We've delivered another strong first half with good volume-led organic growth in a more challenging market environment. Our momentum is encouraging going into the second half, underpinning our upgrade to full year guidance," said Chief Executive Johnny Thomson. Leading the fallers was BAE Systems, down 2.1%, after Bank of America downgraded the stock to 'neutral' from 'buy'. Anglo American rose 0.1%. Bloomberg reported shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group Ltd’s takeover bid. Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years, the report noted. Anglo may unveil the strategy as soon as the coming week, Bloomberg suggested, when the world’s top mining bosses attend Bank of America's annual conference in Miami. In the FTSE 250, Victrex fell 3.0% after reporting a weaker performance in its interim period to March 31. The high-performance polymer supplier said revenue fell 14% year-on-year to GBP139.3 million from GBP162.2 million, as sales volumes dropped 11% to 1,737 tonnes. Pretax profit plunged 92% to GBP3.3 million from GBP39.1 million, as margins took a hit from high inventory levels and recent industry destocking amongst medical device customers, and lower asset utilisation. On London's AIM market, Mission Group rose 5.6% after confirming receipt of an unsolicited conditional takeover proposal from digital advertising and technology company and fellow AIM-listing Brave Bison Group. Brave Bison fell 2.4%. Mission said Brave Bison's potential offer was for an all-share offer at an exchange ratio of 11.5 Brave Bison shares for each share in Mission. Mission said its board unanimously rejected the possible offer last week, terming it "opportunistic" and as significantly undervaluing the company. In Asia on Monday, the Nikkei 225 index in Tokyo was down 0.1%. In China, the Shanghai Composite was down 0.2%, while the Hang Seng index in Hong Kong was up 0.7%. The S&P/ASX 200 in Sydney closed marginally higher. In the US on Friday, Wall Street ended mostly higher, with the Dow Jones Industrial Average up 0.3%, the S&P 500 up 0.2% and the Nasdaq Composite slightly lower. Brent oil was quoted at USD82.85 a barrel early in London on Monday, down from USD83.66 late Friday. Gold was quoted at USD2,350.03 an ounce against USD2,362.94. |
Posted at 29/4/2024 09:01 by master rsi MARKET REPORTLONDON MARKET OPEN: Solid start to week for record-setting FTSE 100 (Alliance News) - Stocks in London opened at a record high on Monday, as a key week for equities got off to a solid start. Focus this week will be on what Federal Reserve Chair Jerome Powell has in store at the US central bank's post-decision press conference. The Fed is expected to keep rates unchanged. The FTSE 100 index rose 40.03 points, 0.5%, at 8,179.86. It had climbed to 8,185.59 shortly after the opening bell, its best-ever level. The FTSE 250 was up 42.62 points, 0.2%, at 19,866.78, and the AIM All-Share was up 2.45 points, 0.3%, at 757.73. The Cboe UK 100 was up 0.4% at 816.86, the Cboe UK 250 added 0.2% to 17,160.06, and the Cboe Small Companies was up 0.1% at 15,642.45. In European equities on Monday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.2%. In China, the Shanghai Composite ended up 0.8%, while the Hang Seng index in Hong Kong traded 0.5% higher in late dealings. The S&P/ASX 200 in Sydney rose 0.8%. Financial markets in Tokyo were closed for the Showa Day public holiday. In New York on Friday, the Dow Jones Industrial Average closed up 0.4%, the S&P 500 up 1.0% and the Nasdaq Composite jumped 2.0%. "The S&P500 record its best performance since October 2023. Yes, the S&P500 gained nearly 3% last week, while Nasdaq 100 gained more than that, as last week's sour combo of slowing US growth but rising inflation was offset by the better-than-expected earnings from Microsoft and Google, and a surprise jump in Tesla shares despite earnings miss," Swissquote analyst Ipek Ozkardeskaya commented. "Zooming out, Friday's higher-than-expected core PCE print didn't weigh much on investor sentiment, as most of the price action due to the inflation disappointment happened after Thursday's GDP report." The Federal Reserve announces an interest rate decision on Wednesday. It is expected to leave rates unmoved, but with recent inflation readings coming in hot, and words from policymakers hawkish, focus will be on what Chair Powell has to say. The pound was quoted at USD1.2532 early Monday, up markedly from USD1.2453 at the time of the London equities close on Friday. The euro stood at USD1.0724, climbing from USD1.0676. Against the yen, the dollar was trading at JPY154.89, down sharply from JPY157.41 on Friday, but after rising to another multi-decade high of JPY160.14 earlier Monday. ING analysts commented: "While not yet official, there are strong indications that Japan intervened in the FX market this morning after USD/JPY touched 160.0. If we follow the same script as 22 September 2022, USD/JPY should remain volatile throughout the session before stabilising around 156-157." In London, Prudential rose 2.8%, among the best FTSE 100 performers. It rose in a positive read across after Hong Kong-based life insurance and pensions company AIA Group upped its share buyback programme to USD12.0 billion from USD10.0 billion, and reported a double-digit percentage rise in new business and annualised new premiums in the first quarter of 2024. AIA shares traded 6.1% higher in late dealings in Hong Kong. Still getting a boost from M&A and lofty commodity prices, miner Anglo American added 1.7%. Shares had jumped over 20% last week, supported by news that larger peer BHP has sized up a bid. Anglo American was the star performer last week on a FTSE 100 that is finding favour again. interactive investor analyst Richard Hunter commented: "The premier index continues to scale new highs, where It will not have escaped the attention of international investors that the UK remains relatively cheap in terms of valuation compared to most developed markets. Rising commodity prices and especially gold have boosted large sectors to be found within the premier index, while the relative weakness of sterling has been an additional boost. Around 70% of FTSE 100 earnings come from overseas, making them more profitable when translated back to sterling." Hipgnosis Songs Fund added 2.3% to 106.20 pence. It backed a USD1.57 billion takeover offer from Blackstone, trumping a previous offer from Concord. Blackstone will pay USD1.30 in cash for each share in the music investment company, around 104 pence. It is a premium of 4.0% to Concord's USD1.51 billion offer. Concord had raised its bid from USD1.40 billion last week, in a bid to thwart Blackstone. HSF no longer recommends that new Concord offer. Concord sweetened its bid after HSF earlier in April noted Blackstone was mulling a USD1.50 billion offer. Hipgnosis Chair Robert Naylor said: "Since we started our strategic review, we have been clearly focused on looking at all the options to deliver shareholder value. We are delighted that, following competitive interests in acquiring Hipgnosis, our investors now have a chance to immediately realise their holding at an increased premium." Elementis rose 1.8% after a shareholder called on the chemicals company to make itself "more attractive for a strategic buyer". Gatemore Capital Management called on Elementis to "accelerate and confirm the details" on cost-savings, replace its current chief executive and conduct a strategic review. Elsewhere in London, fire safety and heat management product developer Zenova jumped 25%. It received a GBP2.4 million order for its FP fire protection coating from sprayer group Drips & Sparks. The offering will be used on steel surfaces at Gracewood Construction project sites in the UK. Brent oil was quoted at USD87.40 a barrel early Monday, down from USD88.26 late Friday. Gold was quoted at USD2,337.01 an ounce, up from the USD2,333.37 it bought at the time of the London equities close Friday. Monday's economic calendar has a German inflation reading at 1300 BST. |
Posted at 24/4/2024 09:18 by master rsi MARKET REPORTLONDON MARKET OPEN: Reckitt up on strong start to 2024; Lloyds falls (Alliance News) - Stock prices in London opened higher on Wednesday, building on this week's gains, as investors look ahead to some key US data. The FTSE 100 index opened up 27.80 points, 0.4%, at 8,072.61. The FTSE 250 was down 2.65 points at 19,797.07, and the AIM All-Share was up 1.63 points, 0.2%, at 756.50. The Cboe UK 100 was up 0.3% at 806.01, the Cboe UK 250 was down 0.1% at 17147.76, and the Cboe Small Companies was up 0.1% at 15303.54. In European equities on Wednesday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was up 0.2%. London's FTSE 100 hit its record level of 8,076.52 points on Tuesday, though it slipped as the afternoon wore on. A slight warning on UK interest rates kept the FTSE 100 in check. The Bank of England's chief economist has said interest rate cuts are "somewhat closer" than last month. However, Huw Pill argued the economic outlook has "not changed substantially" and there are still risks if bank policymakers reduce rates too early. Investors are now turning their attention to key economic indicators from the US, with gross domestic product data out on Thursday and a personal consumption expenditures reading on Friday. Friday's US PCE reading is expected to show the annual core PCE inflation measure, the Fed's preferred gauge, eased to 2.6% in March from 2.8% in February. The pound was quoted at USD1.2443 early on Wednesday in London, up compared to USD1.2440 at the equities close on Tuesday. The euro stood at USD1.0694, lower against USD1.0699. Against the yen, the dollar was trading at JPY154.94, higher compared to JPY154.77. In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.7%, the S&P 500 up 1.2% and the Nasdaq Composite up 1.6%. Tesla shot up 13% in after hours trade. The electric vehicle maker, run by Elon Musk, said GAAP net income tumbled 53% to USD1.13 billion in the first three months of 2024, down from USD2.51 billion a year prior. Diluted GAAP earnings per share also fell 53% to USD0.34 from USD0.73. First quarter revenue slid 8.7% to USD21.30 billion from USD23.33 billion. "Tesla's Q1 results didn't look good at all," said Ipek Ozkardeskaya at Swissquote Bank. Yet, Ozkardeskaya said that "investors looked past the ugly quarterly results from Tesla", as they chose to focus on plans to accelerate the launch of new models that include cheaper models. In the FTSE 100, consumer goods firm Reckitt rose 4.0%. Reckitt Benckiser reported a strong start to 2024 for its Hygiene business, offsetting a significant decline in Nutrition and allowing the company to maintain its guidance for annual revenue growth. The Slough, England-based consumer goods maker also got some growth from its Health division. Reckitt reported 1.5% net revenue growth on a like-for-like basis in the first quarter of 2024 from a year before. This was composed of a 0.5% decline in volume that was more than offset by a 2.0% increase from pricing and sales mix. Lloyds Banking lost 2.8%. Lloyds said pretax profit came in at GBP1.63 billion in the first quarter, down 28% from GBP2.26 billion annually. Net income fell to GBP4.24 billion, down 9% from GBP4.65 billion. Lloyds CET1 ratio fell to 13.9% from 14.1%. "The group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance," said Chief Executive Charlie Nunn. In the FTSE 250, consumer goods firm PZ Cussons jumped 5.9%. In its third quarter, ended March 2, revenue rose 6.4% on a like-for-like basis to GBP126.7 million. On a reported basis, however, it was down 24%. Looking ahead, PZ Cussons reiterated full year guidance. It expects full-year adjusted operating profit, at reported rates of exchange, to be in the range of GBP55 million to GBP60 million. On AIM, Filtronic shot up 46%. The company said that revenue in financial 2024 will now be marginally ahead of expectations and Ebitda will be significantly ahead of expectations. Further, revenue and Ebitda in financial 2025 will be "significantly" ahead of market expectations. In a separate announcement, Filtronic said it has entered into a strategic partnership and commercial agreement with Space Exploration Technologies. Space Exploration designs, manufactures, launches and operates rockets and spacecraft. In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 2.4%. In China, the Shanghai Composite was up 0.8%, while the Hang Seng index in Hong Kong was up 1.9%. The S&P/ASX 200 in Sydney closed down slightly. Brent oil was quoted at USD87.74 a barrel early in London on Wednesday, down from USD87.76 late Tuesday. Gold was quoted at USD2,324.01 an ounce, up slightly against USD2,322.78. Still to come on Wednesday's economic calendar, there is a US durable goods orders reading at 1330 BST. |
Posted at 18/4/2024 09:18 by master rsi Argo Blockchain PLC Announces Notice of ResultsNotice of FY 2023 Results and Investor Presentation LONDON, UK / ACCESSWIRE / April 18, 2024 / Argo Blockchain plc ("Argo" or "the Company"), a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARB Argo will host a conference call to discuss its results at 10:00 ET / 15:00 BST on Thursday, 25 April 2024. The conference call is open to all existing and potential shareholders, and the live webcast of the call can be accessed via the Investor Meet Company platform. Questions can be submitted via the Investor Meet Company dashboard before the meeting or during the live presentation. Investors can sign up to Investor Meet Company and add Argo Blockchain via the following link: hxxps://www.investor |
Posted at 16/4/2024 12:52 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Shares sold-off on interest rate, conflict worry (Alliance News) - European equities were sharply lower heading into Tuesday afternoon, on US interest rate concerns and mixed data from China, while tensions in the Middle East continue to simmer. The FTSE 100 index slipped 111.04 points lower, 1.4%, at 7,854.49. The FTSE 250 fell 284.34 points, 1.4%, at 19,414.55, and the AIM All-Share was down 8.81 points, 1.2%, at 741.47. The Cboe UK 100 was down 1.2% at 785.41, the Cboe UK 250 was 1.7% lower at 16,820.94, and the Cboe Small Companies was down 0.4% at 14,792.30. In European equities on Tuesday, the CAC 40 in Paris lost 1.2% and the DAX 40 in Frankfurt plunged 1.4%. Stocks in New York are called to open mixed. The Dow Jones Industrial Average is called 0.3% higher, but the S&P 500 down 0.1% and the Nasdaq Composite 0.2% lower. "Sentiment is shaky at best right now with heightened geopolitical tensions in the Middle East coming alongside increased concerns that the Federal Reserve may opt to maintain interest rates at the current levels for some time yet," Scope Markets analyst Joshua Mahony commented. Against the dollar, sterling fell to USD1.2446 early Tuesday afternoon in London, from USD1.2458 on Monday. The euro fell to USD1.0628 from USD1.0636. Against the yen, the dollar traded at JPY154.56 early Tuesday London time, up from JPY154.32 at the European equities close on Monday. Scope's Mahony added: "While tomorrow's inflation report will undoubtedly provide financial markets with a greater understanding of the timing around the first Bank of England rate cut, today's saw a sharp jump in UK unemployment that highlighted the negative implications of keeping interest rates elevated for an extended period. "Unfortunately, wages remain well above the levels that the BoE would have desired, although that gap between the 5.6% average earnings figure, and 3.4% consumer price inflation does at least ensure that the standard of living should be improving. All eyes now turn to tomorrow's UK inflation report, with big questions over whether the recent rise in energy prices will stifle the journey back down to 2% inflation." According to the Office for National Statistics, the UK jobless rate picked up to 4.2% in the three months to February from 4.0% in the three months to January. January's three-month reading was upwardly revised slightly from 3.9%. According to market consensus cited by FXStreet, a jobless rate of 4.0% was expected for the period to February. The ONS noted average growth in regular earnings, so excluding bonuses, cooled slightly to 6.0% in the three months to February from 6.1% in the same period to January. Including bonuses, average earnings rose 5.6%, in line with the growth seen in the three months to January, and above consensus of a 5.5% climb. Data out of China showed the nation's economic growth in the first quarter beat market expectations. According to the National Bureau of Statistics, China's gross domestic product expanded by 5.3% annually in the first quarter of 2024, beating FXStreet-cited market consensus of 5.0%. However, industrial production data undershot expectations, growing 4.5% on-year in March, compared to consensus of 5.4%. Retail sales rose just 3.1% year-on-year last month, compared to consensus of 4.5%. SPI Asset Management analyst Stephen Innes commented: "In summary, while China's headline GDP figure offered a glimmer of optimism, the underlying weakness in domestic demand and industrial activity suggests that challenges persist for the world's second-largest economy. Investors remain cautious amid uncertainties surrounding the pace and sustainability of China's economic recovery." Brent fell back below the USD90 a barrel mark, and gold was below its record level of over USD2,431 an ounce. Both were higher than they were at the time of the London equities close on Tuesday, however, and Ebury analyst Matthew Ryan said they could rise further in the event of another escalation in the Middle East. A sizeable escalation "would likely see a flight to safety in markets, whereby investors flock to the safe-havens at the expense of high-risk assets", Ryan said. "The threat to global oil supply would also likely trigger a sharp move upwards in oil prices, which could comfortably jump above USD100 a barrel should investors fear a wider regional war," the Ebury analyst added. A barrel of Brent oil fetched USD89.67 early Tuesday afternoon London time, up from USD89.20 at the time of the London equities close on Monday. Gold rose to USD2,369.98 an ounce, rising from USD2,348.01. In London, there was a slew of M&A activity on Tuesday. DS Smith agreed to a takeover from New York-listed International Paper. The bid values DS Smith, the London-based paper and packaging company, at around GBP5.8 billion on a fully diluted basis, and its enterprise value at around GBP7.8 billion. The deal values each DS Smith share at 415p. The stock fell 1.9% to 401.90 pence. Mondi, also a DS Smith suitor, gave back 0.6%. Earlier this month, Mondi's 'put up or shut up' deadline was extended to the close of play on April 23. TClarke jumped 29% to 161.13 pence as the engineering services company agreed to a GBP90.6 million takeover from natural gas supplier and metering provider Regent Gas. Regent will pay 160p per TClarke share, and shareholders also stand to receive the final dividend of 4.525p. "In addition to presenting an attractive premium for TClarke shareholders, this transaction presents tremendous opportunities for TClarke to chart its own course as part of a larger group with significant financial strength, flexibility and autonomy as TClarke continues to pursue its long-term strategies that will drive sustainable growth and innovation," TClarke Chief Executive Mark Lawrence said. Hostmore added 5.5% as it agreed to combine with its own franchisor TGI Fridays Inc in a deal with an enterprise value of GBP177 million. The deal will see Hostmore shareholders owning a 36% stake in the combined unit, with current shareholders in TGI Fridays owning the remainder. Casual dining chain TGI Fridays is currently owned by TriArtisan and MFP Partners. Because of the size of the stake in the combined company owned by TriArtisan and MFP, a waiver to rule 9 of the UK takeover code, which relates to mandatory offers, would need to be waived for the transaction to be completed. Completion is expected in the third-quarter. The enlarged firm would be listed on London's Main Market. In addition, Hostmore said its first-quarter like-for-like revenue fell 7% on-year, "due principally to reduced consumer demand across the sector". Dr Martens plunged 30% after a profit warning. The Northamptonshire, England-based boot maker said a worse case scenario would see pretax profit in the year to March 2025 of around one-third of the level in the year just gone. It expects US wholesale revenue will fall by double-digits in financial 2025. The decline in wholesale has a significant impact on profitability, it explained, with a base assumption being in the region of a GBP20 million pretax profit impact year-on-year, assuming no meaningful in-season re-orders. Dr Martens also expects a GBP35 million headwind from inflation where it is seeing single-digit inflation in its cost base but leaving selling prices unchanged. The company also expects to continue to require the additional inventory storage facilities, and therefore the majority of the GBP15 million of extra costs incurred in financial 2024 are expected to repeat in 2025. Chief Executive Kenny Wilson said, "The FY25 outlook is challenging, and the whole organisation is focused on our action plan to reignite boots demand, particularly in the US, our largest market. The nature of US wholesale is that when customers gain confidence in the market we will see a significant improvement in our business performance, but we are not assuming that this occurs in FY25." "We have built an operating cost base in anticipation of a larger business, however with revenues weaker we are currently seeing significant deleverage through to earnings." Dr Martens said Wilson will step down and that this "will be his final year" at the helm. Wilson will be succeeded by Ije Nwokorie, currently chief brand officer. Dr Martens shares floated at 370 pence each but the stock has plunged 82% since then. Still to come on Tuesday is a US industrial production reading at 1415 BST |
Posted at 16/4/2024 09:21 by master rsi MARKET REPORTLONDON MARKET OPEN: Global tensions, US rate worries weigh on shares (Alliance News) - Stock prices in London opened lower on Tuesday, with nearly all of the FTSE 100 in the red, as investors fret over US interest rate worries and simmering global tensions. There was also a UK unemployment reading, as well as economic data from China, for investors to mull over. The FTSE 100 index opened 101.52 points lower, 1.3%, at 7,864.01. The FTSE 250 was down 291.66 points, 1.5%, at 19,407.23, and the AIM All-Share was down 7.31 points, 1.0%, at 742.97. The Cboe UK 100 was down 1.2% at 785.65, the Cboe UK 250 was 1.7% lower at 16,817.23, and the Cboe Small Companies was down 0.2% at 14,819.25. In European equities on Tuesday, the CAC 40 in Paris plunged 1.4% and the DAX 40 in Frankfurt lost 1.3%. "Upside surprises to US data and geopolitical tensions continue to weigh on equities and bonds," analysts at Lloyds Bank commented. "As a result, with signs of stickiness in inflation, a mid-year Fed rate cut is looking increasingly unlikely, with markets fully discounting only 1 US rate reduction this year." Against the dollar, sterling fell to USD1.2435 early Tuesday in London, from USD1.2458 on Monday. The euro faded to USD1.0613 from USD1.0636. The UK unemployment rate rose in the three months to February, numbers on Tuesday showed, while year-on-year growth in average earnings topped expectations. According to the Office for National Statistics, the UK jobless rate picked up to 4.2% in the three months to February from 4.0% in the three months to January. January's three-month reading was upwardly revised slightly from 3.9%. According to market consensus cited by FXStreet, a jobless rate of 4.0% was expected for the period to February. The ONS noted average growth in regular earnings, so excluding bonuses, cooled slightly to 6.0% in the three months to February from 6.1% in the same period to January. Including bonuses, average earnings rose 5.6%, in line with the growth seen in the three months to January, and above consensus of a 5.5% climb. Dutch bank ING labelled the data a "bit of a mixed bag". Analysts at ING commented: "Wage growth is temporarily stuck in the 6% area and that's another reason to think the Bank of England will wait until August to cut rates for the first time, despite signs of a cooling jobs market." In Asia on Tuesday, the Nikkei 225 index in Tokyo fell 1.9%. In China, the Shanghai Composite shed 1.7% lower, while the Hang Seng in Hong Kong was 2.0% lower in late trade. The S&P/ASX 200 fell 1.8% in Sydney. China's economic growth in the first quarter beat market expectations, official data showed on Tuesday. According to the National Bureau of Statistics, China's gross domestic product expanded by 5.3% annually in the first quarter of 2024, beating FXStreet-cited market consensus of 5.0%. In the fourth quarter of 2023, China's economy grew 5.2%. Earlier this year, Chinese officials set an annual target of "around 5%" GDP growth. Against the yen, the dollar traded at JPY154.42 early Tuesday London time, up from JPY154.32 at the European equities close on Monday. The yen traded as low as JPY154.60 to the dollar earlier on Tuesday. Deutsche Bank analysts said the yen "remains under pressure" and traded at its weakest level since 1990, "despite repeated warnings from the government over potential currency market intervention". A barrel of Brent oil fetched USD90.23 early Tuesday, up from USD89.20 at the time of the London equities close on Monday. Gold rose to USD2,372.19 an ounce, rising from USD2,348.01. In London, Mondi was the only blue-chip stock to trade higher shortly after the open, rising 0.7%. Peer DS Smith fell 1.9% to 402.00 pence, after agreeing to a takeover from New York-listed International Paper. The bid values DS Smith, the London-based paper and packaging company, at around GBP5.8 billion on a fully diluted basis, and its enterprise value at around GBP7.8 billion. The deal values each DS Smith share at 415p. Elsewhere on the M&A front, TClarke jumped 29% as the engineering services company agreed to a GBP90.6 million takeover from gas supplier Regent Gas. Hostmore added 5.3% as it agreed to buy its own franchisor TGI Fridays Inc in a deal with an enterprise value of GBP177 million. Dr Martens plunged 30%, the worst mid-cap performer. The boot maker said Kenny Wilson will step down as chief executive. I also added it expects to report earnings in line with expectations for the year just gone, but cautioned on the year to come. Wilson will be replaced by the firm's Chief Brand Officer Ije Nwokorie before the end of the new financial year, which runs until late-March. Dr Martens said that for the year just ended March 31, it expects results "in line with guidance and consensus expectations". It said an expected pick-up in the direct-to-consumer division materialised in the fourth-quarter, with high single digit growth compared to a 3% annual constant currency sales decline in the third-quarter. For the new year, it is taking a "prudent view". It expects US wholesale revenue to fall by double-digits, meaning it suffers a "significant" GBP20 million pretax profit reduction on-year. In addition, it is seeing "single-digit inflation in our cost base". It also plans to "invest in retaining and incentivising talent". Dr Martens added: "Together these equate to a year-on-year [pretax profit] headwind in the region of GBP35 million. As previously communicated, we do not anticipate increasing prices further this year, and therefore in FY25 we are unable to offset cost inflation as we have in prior years." It has a "worst case scenario" of financial 2025 pretax profit of around one-third of the level of the year just gone. Defence technology firm Qinetiq fell 4.0%. It announced finance chief Carol Borg stepped down from the role immediately, but will stick around "to support the interim arrangements until the end of July". Martin Cooper has been named CFO, joining the board "no later than October". Cooper joins from defence firm BAE Systems, where he held a "number of positions including UK & Rest of World financial controller, divisional finance director and most recently investor relations director". Heather Cashin, Qinetiq's financial controller, has been named interim CFO. In addition, former CFO David Smith has agreed "to provide advice and support services" to Cashin. Smith stepped down as Qinetiq CFO back in November 2021. The firm also named Iain Stevenson as chief operating officer, a new role for the company, and Will Blamley as chief executive of the UK Defence division. Alongside the personnel changes, Qinetiq said it expects results for the year ended March 31 to be in line with current market expectations. Qinetiq put consensus at GBP1.88 billion for revenue and GBP211 million for operating profit. Revenue in financial 2023 totalled GBP1.58 billion, while operating profit amounted to GBP172.8 million. |
Posted at 10/4/2024 09:32 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks up ahead of US inflation data (Alliance News) - European equities opened higher on Wednesday, as investors shook off nerves ahead of a key inflation reading from the US. The FTSE 100 index opened up 46.08 points, 0.6%, at 7,980.87. The FTSE 250 was up 130.70 points, 0.7%, at 19,894.05, and the AIM All-Share was up 3.15 points, 0.4%, at 754.13. The Cboe UK 100 was up 0.6% at 797.85, the Cboe UK 250 was up 0.6% at 17,312.28, and the Cboe Small Companies was down 0.4% at 14,695.69. In European equities on Wednesday, the CAC 40 in Paris was up 0.4%, while the DAX 40 in Frankfurt was up 0.6%. All eyes are on a key US inflation reading, which is out at 1330 BST. Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus. If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023. "There's a palpable sense of nervousness among investors as they exercise a modicum of restraint, concerned about the possibility of hotter-than-expected inflation figures. Such data could spark intense speculation, potentially shifting market expectations towards a scenario where the Federal Reserve refrains from implementing rate cuts in 2024. At the very least, it might dampen expectations regarding the magnitude of future rate cuts this year," said SPI Asset Management's Stephen Innes. In the US on Tuesday, Wall Street ended mixed, with investors shaking of nerves ahead of the reading. The Dow Jones Industrial Average closed down slightly, whilst the S&P 500 was up 0.1% and the Nasdaq Composite up 0.3%. As well as the US CPI data, there are the latest Fed minutes at 1900 BST. Commenting on the minutes, analysts at Lloyds said: "These are likely to be seen as dated and so may have little impact but it will be interesting to see if anything more specific is said about the developments policymakers want to see if they are to cut rates." The pound was quoted at USD1.2681 early on Wednesday in London, higher compared to USD1.2672 at the equities close on Tuesday. The euro stood at USD1.0854, slightly lower against USD1.0856. Against the yen, the dollar was trading at JPY151.79, up compared to JPY151.65. In the FTSE 100, Tesco rose by 0.8%. Tesco reported that revenue increased by 4.4% to GBP68.19 billion in the 52 weeks ended February 24, from GBP65.32 billion a year earlier. Pretax profit shot up to GBP2.29 billion from GBP882 million. On the back of the results, announced a new GBP1.0 billion share buyback programme to be conducted over the next 12 months. Tesco noted that it has bought back shares worth GBP1.8 billion so far since launching its capital return programme in October 2021, including GBP750 million in the 12 months to April 2024. Further, Tesco upped its dividend by 11% to 12.10p from 10.90p. Chief Executive Ken Murphy said: "Inflationary pressures have lessened substantially, however we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year. We have continued to invest in helping customers where it matters most, cutting prices on more than 4,000 products and doubling down on our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices." In the FTSE 250, Direct Line lost 0.1%, after it named Jane Poole as its new chief financial officer. Poole will join the Bromley, England-based motor and home insurer in October, succeeding Neil Manser. Manser has been in post since January 2021, and with the company since 2011. He will remain as CFO until Poole begins her role. Since 2021, Poole has been CFO for Aviva's UK and Ireland General Insurance business. Amongst London's small-caps, Treatt rose 8.3%. In the six months ended March 31, pretax profit is expected to rise to GBP7.5 million from GBP7.3 million a year earlier. Revenue, however, fell by 5.1% to GBP72.1 million from GBP76.0 million, reflecting a "subdued" first quarter. Treatt noted that sales were ahead annually in the second quarter. On the other hand, Speedy Hire lost 5.3%. In the year ended March 31, revenue fell by 5% annually to GBP420 million. It said results were impacted by the underperformance of its Regional base, the reduction in wholesale fuel prices and the performance of its seasonal products, which were affected by the warmer winter period. It noted that results look to be at the lower end of company expectations, but its outlook for financial 2025 remains positive given recent contract wins. In Asia on Wednesday, the Nikkei 225 index in Tokyo was down 0.5%. In China, the Shanghai Composite was down 0.7%, while the Hang Seng index in Hong Kong was up 1.8%. The S&P/ASX 200 in Sydney closed up 0.3%. Brent oil was quoted at USD89.77 a barrel early in London on Wednesday, down from USD89.82 late Tuesday. "Oil fell early today with hope that the conflict in the Middle East will calm down with progress in the ceasefire negotiations in Gaza," said Samer Hasn at XS.com. Gold was quoted at USD2,356.20 an ounce, up against USD2,347.44 on Tuesday. Gold hit a new record high earlier Tuesday, above USD2,365 per ounce, before easing back. |
Posted at 09/4/2024 13:04 by master rsi MARKET REPORTLONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners (Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later. The FTSE 100 index was down just 0.46 of a point at 7,943.01. The FTSE 250 was up only 2.80 points at 19,857.38, and the AIM All-Share rose 2.93 points, 0.4%, at 751.76. The Cboe UK 100 was up 0.1% at 794.61, the Cboe UK 250 was up 0.1% at 17,303.03, and the Cboe Small Companies was up slightly at 14,698.89. In European equities on Tuesday, the CAC 40 in Paris was down 0.6%, while the DAX 40 in Frankfurt was 0.7% lower. "European markets showed signs of nervousness ahead of the European Central Bank's interest rate decision later this week," said Russ Mould, investment director at AJ Bell. "Forecasts imply the ECB will hold rates at 4.5% yet last week's stronger than expected US jobs data and the ongoing strength in the oil price have raised expectations that the Federal Reserve will push back rate cuts until later in the year, and this has subsequently spooked investors into thinking other central banks including the ECB will also sit on their hands for now." The ECB will announce its interest rate decision on Thursday. Before that, there is a consumer price inflation reading in the US. The data is expected to show that the rate of US annual consumer price inflation picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus. If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023. SPI Asset Management analyst Stephen Innes said the inflation reading "is arguably the most critical economic print of the year". The pound was quoted at USD1.2686 at midday on Tuesday in London, higher compared to USD1.2652 at the equities close on Monday. The euro stood at USD1.0869, rising against USD1.0854. Against the yen, the dollar was trading at JPY151.78, down compared to JPY151.82. In the FTSE 100, miners were up at midday. Fresnillo, Anglo American and Rio Tinto rose 4.9%, 2.4%, and 2.1%, respectively. "Mining stocks have benefitted from rising iron ore prices amid speculation that demand will improve from Chinese steelmakers. The Chinese government is eager to stimulate the economy and there is a hope that its initiatives will feed through into greater steel activity, with iron ore a key raw material," AJ Bell's Mould explained. Oil firms BP and Shell rose 1.7% and 0.8%, respectively. Shell fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre. Shell's Chief Executive Wael Sawan said the company is looking at "all options" for its listing amid concerns it is under-appreciated by investors, according to a Bloomberg report. "I have a location that clearly seems to be undervalued," he remarked, referring to London. On Tuesday, BP said upstream production in the quarter ending March is expected to be higher compared to the prior quarter, with output higher in oil production & operations and slightly higher in gas & low carbon energy. But in the gas & low carbon energy segment, lower gas prices compared to the prior quarter are expected to have an adverse impact in the range of USD200 million to USD400 million, BP said. Brent oil was quoted at USD90.51 a barrel at midday in London on Tuesday, up from USD89.93 late Monday. In the FTSE 250, JTC jumped 5.4%. The Jersey-based professional services business reported that revenue in 2023 climbed 29% to GBP257.4 million from GBP200.0 million a year earlier. However, pretax profit fell 33% to GBP24.3 million from GBP35.9 million. On the back of the results, JTC proposed a final dividend of 7.67 pence per share, a rise of 11% from 6.88p a year prior. This brought the total payout for 2023 to 11.17p, up 12% from 9.98p the year prior. Among London's small-caps, ProCook jumped 7.5%. The company on Tuesday predicted annual profit to be "marginally" ahead of market expectations, shaking off "subdued" economic conditions. The Gloucester-based kitchenware company reported revenue of GBP13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of GBP62.6 million, an increase of 0.4% from the previous year. On AIM, Surface Transforms plummeted 30%, after the company said it is continuing to remedy production problems at its Liverpool site and announced a delay to the publication of its 2023 financial results. Stocks in New York were called mixed to open largely higher. The Dow Jones Industrial Average was called down slightly, but the S&P 500 index and the Nasdaq Composite are seen opening up 0.1%. Gold was quoted at USD2,362.70 an ounce, lower against USD2,330.93. Gold hit a new record high on Monday, above USD2,350 per ounce, before easing back. ActivTrades analyst Ricardo Evangelista commented: "Gold prices hit a fresh all-time high during early Tuesday trading, driven by a surge in haven demand. Iran's explicit threat of military retaliation following Israel's targeting of its Syrian embassy has escalated tensions, amplifying the spectre of a broader regional conflict with potentially unforeseeable repercussions. Concurrently, the ongoing conflict in Ukraine exacerbates investor anxieties. "Against this turbulent backdrop, the imminent release of US inflation data and the latest FOMC minutes on Wednesday loom large, poised to either fuel the gold frenzy or temper its ascent, depending on the clues they may leave regarding the Federal Reserve's anticipated timing for its first rate cut." |
Posted at 26/3/2024 09:23 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks continue slow-down amid global tensions (Alliance News) - Stock prices in London opened lower on Tuesday as a slow start to the week continues, with investors having simmering global tensions to be mindful of. The FTSE 100 index opened down 10.79 points, 0.1%, at 7,906.78. The FTSE 250 was down 20.36 points, 0.1%, at 19,593.17, and the AIM All-Share was down 1.43 points, 0.2%, at 735.83 The Cboe UK 100 was down 0.2% at 790.55, the Cboe UK 250 was down 0.2% at 17,004.42, and the Cboe Small Companies was flat at 14,614.64. In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was marginally up. The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials. In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable. The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives." Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan. With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission. Sterling was quoted at USD1.2655 at the time of the London open on Tuesday, higher than USD1.2606 at the equities close on Monday. The euro traded at USD1.0851 early Tuesday, higher than USD1.0817 late Monday. Against the yen, the dollar was quoted essentially flat at JPY151.28 versus JPY151.27. In Asia on Tuesday, the Nikkei 225 index in Tokyo was marginally down. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was 0.9%. The S&P/ASX 200 in Sydney closed down 0.4% Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday. "US stocks traded cautiously on Monday as the holiday-shortened week began, with investors hesitating to increase their risk exposure ahead of critical inflation data. Although all three major US indices recovered from their intraday lows, the overall sentiment remained subdued," SPI Asset Management analyst Stephen Innes commented. "After a strong performance last week, investors may be taking a hiatus and possibly enjoying the spring break, while others are adopting a wait-and-see approach for the next bullish catalyst, such as a favourable outcome from the Fed's preferred inflation gauge. In this context, an 'all-clear' signal would entail the inflation data meeting consensus expectations or coming in lower than anticipated." In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.4%, while the S&P 500 and the Nasdaq Composite both lost 0.3%. In the FTSE 100, Ocado was the second-best performing stock, rising 2.8%. In the 13 weeks that ended March 3, the grocer and warehouse technology firm said volumes rose 8.1% on-year, while retail revenue rose 11% to GBP645.3 million from GBP583.7 million. Average orders per week rose 8.4%, while active customers across the period rose 6.4%. Hargreaves Lansdown analyst Susannah Streeter commented: "Cost-of-living pressures are subsiding for more shoppers and Ocado appears to be succeeding in winning back old fans and drawing in new. "This should be clicked up as a win in the super tough grocery market and may reassure Ocado's partner Marks and Spencer that although the marriage has been through a rough patch, more harmonious times could be ahead." Looking ahead, Ocado annual revenue growth in the "mid-high single digits" and an underlying earnings before interest, tax, depreciation and amortisation of around 2.5%. Marks & Spencer was up 0.2% on the Ocado news. Flutter Entertainment also fared well, rising 2.5%. But the Paddy Power owner reported a pretax loss for 2023 of USD1.09 billion, widening from USD295 million in 2022, despite revenue rising 25% to USD11.79 billion from USD9.46 billion. Costs of sales rose 29% to USD6.20 billion from USD4.81 billion, sales and marketing expenses up 26% to USD3.78 billion from USD3.01 billion, while general and administrative expenses were up 37% to USD1.60 billion from USD1.17 billion. In 2024 trading to-date, it said revenue was up 23% from the equivalent period a year earlier. Looking ahead, Flutter expects 2024 revenue growth of around 18% from a year earlier and further adjusted earnings before interest, tax, depreciation and amortisation growth of 30%. "The US remains the engine of growth for Flutter, and is the area with which the group is increasingly being identified," said interactive investor analyst Richard Hunter. "Although the UK is presently the site of Flutter's primary listing, the shares began trading in New York in January, with the plan to switch the primary listing there later this year subject to shareholder approval. The move has already ignited investor interest in the US, giving the group access to deeper pools of liquidity." In the FTSE 250, Petershill Partners rose 1.8%. The private equity-focused investment group said it swung to a pretax profit in 2023 of USD397.1 million from a loss of USD505.1 million a year earlier. It swung to an investments gain at fair value of USD397.1 million from a loss of USD505.1 million, prompting the group to declare a final dividend of 10.1 US cents per year. This took total 2023 dividend payments to 15 cents per share, up from 14.5 cents. Petershill Partners said it was mulling launching share buyback programme worth up to USD100 million, serving a notice to terminate the current programme. "Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders," the company said. Elsewhere in London, Asos rose 4.6%. The online fast-fashion retailer said sales were down 18% in the 26 weeks ended March 3 compared to a year earlier, which was largely in line with its outlook. Asos said it was making strategy progress and clearing aged stock, while noting it was ahead on its plan to improve stock efficiency and reduce inventory. It said it backs full-year outlook, expecting a 5% to 15% decline in sales and a positive adjusted earnings before interest, tax, depreciation and amortisation. This is alongside restoring inventory back to pre-Covid levels, positive cash generation and reducing net debt. Brent oil was trading at USD85.93 a barrel early in London on Tuesday, higher than USD85.80 late Monday. Gold was quoted at USD2,178.07 an ounce, higher than USD2,164.77. |
Posted at 25/3/2024 08:32 by master rsi KEFI Gold reports further progress towards Tulu Kapi's mid-2024 financial closeProactive Investors - KEFI Gold and Copper PLC (LON:KEFI) told investors of further progress with its US$320 million development budget for the Tulu Kapi gold project in Ethiopia. Executive chairman Harry Anagnostaras-Adams said: "All syndicate members are supportive and are working to ensure final documentation is entered into by mid-2024 to enable full project launch and drawdown of funds.” Following the final approvals from the lead-bank, Southern and Eastern Africa Trade and Development Bank, the company said all other parties started their formal approval processes, with Anagnostaras-Adams progress with the co-lending bank and local equity-capital investors. Furthermore, recent regulatory changes affecting the equity funding structure are expected to lower overall finance costs, including foreign exchange exemptions, an increase in the maximum permissible ratio of debt to equity and investments by multinational corporations of local currency retained earnings deemed as foreign direct investment. This means the US$100 million to be provided through the issuance of equity risk notes can be focused on the lower-cost option fixed at 12% per annum, repayable in cash from operations or in equity. KEFI said a local multinational investor has now received initial board approval. “Our modelling and production profile for this high-grade open pit gold mine, based on a gold price of US$1,864/oz (versus current spot of US$2,170/oz), shows sufficient cash will have been generated at the proposed time of repayment to repay these ERN in cash at the time they fall due,” said Anagnostaras-Adams. He said the company has also received confirmation from the co-lender, Africa Finance Corporation, that its approval processes are “underway and progressing well” for its-intended US$95 million investment, which would provide the balance of the required funding for project launch. The company also detailed local steps being taken towards the launch of the project, including implementing extra security for the resettling local community and preparing procurement and construction with detailed tendering work packages, regulatory clearances sought by PW Mining and local and offshore bank accounts being opened. |
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